Following a massive publicity campaign that included Super Bowl ads and billboards in New York’s Times Square, Trump’s family submitted about 2 million documents to open an account, Treasury Secretary Scott Bessent said Friday at an event near Dallas.
“When we get closer to 2 million forms, we’re probably going to have about 3 million kids,” Bessent said.
The suspension was part of the Trump Account Tour, following an earlier talk at the Economic Club of Dallas, where Mr. Bessent also connected his account.
“Programs like this often have a hard time enrolling,” Matt Lilla, co-founder of the nonprofit advocacy group Invest America, said in an interview with CNBC. Invest America has paid for Trump Accounts’ Super Bowl commercials to promote new investment accounts for children.
Initial response from families “indicates that the product market is a strong fit for this idea,” he said.
The opening of tax season on Jan. 26 was the first opportunity for families to open a Trump account and elect to claim up to $1,000 in seed money by filing IRS Form 4547 with their 2025 tax return.
Less than two weeks after the Feb. 8 Super Bowl, Invest America announced in the X-Post that families could begin filing Form 4547 individually through TrumpAccounts.gov.
Parents or guardians can set up accounts for children under 18, but only children born between 2025 and 2028 are eligible to receive a one-time $1,000 contribution from the Treasury Department.
After filing Form 4547, families will be contacted by a “trustee” with details to complete account setup, according to TrumpAccounts.gov. According to Treasury guidance from December, the certification process is expected to begin in May.
Once the account is opened, the $1,000 federal seed money will be available in Trump’s account on July 4, a Treasury Department spokesperson previously told CNBC.
Parents and guardians can contribute up to $5,000 a year to Trump’s account until their child turns 18.
More and more companies are pledging to match the first deposit to the Treasury for the children of their employees. Employers can deposit up to $2,500 as part of the $5,000 limit.
Depending on their income and where they live, some children may be eligible for gifts from philanthropists to Trump’s account. Invest America’s Lira told CNBC that Treasury-backed contributions do not count toward the $5,000 contribution limit.
